The demand for gold excluding the over-the-counter market declined 6% year-on-year in the second quarter of the year to 929 tons, according to the World Gold Council on Tuesday.
Gold prices were at an average of $2,338 per ounce in the second quarter, up 18% on an annual basis and 13% on a quarterly basis on the London bullion market.
In May, gold prices reached a record of $2,427 per ounce, as the over-the-counter investments in gold totaled 329 tons.
At the same time, central bank gold buying went up 6% on an annual basis, accelerating prices upwards in the second quarter.
The record-high gold prices negatively affected jewelry consumption, and in turn, the 19% annual decline in jewelry consumption to a four-year low of 391 tons pushed gold demand downwards in the second quarter.
Meanwhile, the global gold exchange-traded fund fell 7 tons in the second quarter, easing from a 21 ton decline in last year’s same quarter.
Retail bar and coin investment was down 5% due to lessened demand in Western markets.
At the same time, as the popularity of artificial intelligence (AI) remains prevalent, gold used in technology hiked 11% on an annual basis.
However, gold demand including over-the-counter market increased 4% year-on-year to 1,258 tons, the World Gold Council said.
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